Anthropic by the Numbers
$11.6B
Revenue in one quarter (Q2 2026)
+$1.0B
Operating profit that quarter
11,900+
Customers paying $100K+ a year
$132B
Cash in the bank, before the IPO
90%+
of its code written by Claude
$6.6M
revenue per employee
80%
of founders' stakes pledged to charity
$0.55
Compute spent per $1 of revenue (H1 2026)
01Revenue vs spending
S-1 pp. 23, 158Revenue just overtook spending.
Money in vs money out, each quarter. Revenue grew 31×, spending 8×.
- Q1 25−$0.9B$0.4B$1.3B
- Q2 25−$1.2B$0.8B$2.0B
- Q3 25−$3.1B$1.4B$4.5B
- Q4 25−$2.8B$2.0B$4.9B
- Q1 26−$1.7B$4.7B$6.4B
- Q2 26+$1.0B$11.6B$10.6B
Compute spend per $1 of revenue
- 2024$6.53
- 2025$1.60
- H1 2026$0.55
The S-1 reports no gross margin. This includes training new models, so it overstates the cost of serving customers.
02Customers
S-1 pp. 57, 143, 196Once a company starts, its spending multiplies.
A tiny slice of big spenders brings in 3/4 of revenue, and existing customers now pay ~9× what they did a year ago.
- ~40M(99.97% / $24%)<$100K
- 11,900+(0.03% / $76%)$100K+
- 1,900+(0.005%)$1M+
- ~250(0.0006%)$10M+
- 5(<0.0001% / $~25%)Top 5
Revenue share: 2025; top 5: Jan–Sep 2026, none above 10%.
Same customers, per $100
- A year ago$100
- Today$900
Spend per user, per month
- Typical<$75
- Claude Code top 5%~$1,500
03Big companies
S-1 p. 143Big companies have barely started.
Over half the Fortune 500 now pay $100K+ a year, yet Claude is still under 0.1% of what they spend.
Share of each list paying $100K+ a year
- Fortune 50050%+
- Global 200030%+
Customers paying $100K+ a year
Claude’s cut of every $1,000 they spend
Average Fortune 500 customer
under $1
Its top 10 Fortune 500 customers
under $10, 8×+ the average
Q3 2026, publicly traded customers.
04Compute bill
S-1 pp. 25, 158, 170–172, 283–284Its compute bill dwarfs everything else it has.
5× its cash, 14 years of revenue — mostly payable even if unused.
- Revenueper year at the Q2 2026 pace$46B
- Raised from investorsSeries E–H, 2025–26$86B
- Cash in the bank30 June 2026$132B
- Compute promisedthe eight named contracts$657B
Broadcom
$161B
TPU leases
SpaceXAI
$121B
NVIDIA GPUs, up to
$115B
Cloud & TPUs, at least
Amazon
$110B
Cloud, at least
Microsoft
$45B
Cloud, at least
Nscale
$45B
NVIDIA GPUs, up to
Lambda
$41B
NVIDIA GPUs
AMD
$20B+
Helios systems, est.
The filing leaves its own total blank; ~$657B is our sum of the named contracts.
05Losses
S-1 pp. 23, 160The giant losses are mostly on paper.
Investors are paid in shares, not cash. Accounting counts those shares getting more valuable as a loss.
- 2025$42.0B$34.3B$7.7B
- H1 2026business +$0.4B$80.8B$81.2B
06Investors
S-1 pp. 283–284Investors paid 10.5× more per share. Revenue grew 31×.
Price per preferred share: $56 → $141 → $259 → $589 (Series E to H). The filing states no valuation.
Share price
Series E → H
10.5×Revenue
Q1 2025 → Q2 2026
31×
07Control
S-1 Cover, pp. 14, 109–110Buyers get the profits, not the control.
One founders’ share outvotes all IPO buyers combined. The filing calls it “novel”.
1 share = 50.1% of the vote
Held by the 7 co-founders. Votes only, no dividends.
Can't be diluted
Stays 50.1% however many shares are sold.
A trust picks the board
Independent trustees elect a majority.
No expiry date
Ends only if under 3 founders remain, or they give it up.
Ticker
ANT · Nasdaq
Lead banks
Goldman Sachs · Morgan Stanley
Price per share
Not set yet
Shares offered
Not set yet
Eighteen risks, in five groups.
Models, compute, the business, people, and control. From the prospectus summary. The full risk factors start on page 26.
Models
1The models have to stay the most capable.
8Harm from misuse, or from a guardrail that fails.
9A model may take a harmful action that no person directed.
10Lawsuits its contracts and insurance may not cover.
- Fable 5OffMythos 5Off
14Laws and politics can restrict the models, or the demand for them.In June 2026, Commerce restricted Fable 5 and Mythos 5 worldwide. Anthropic disabled both for every customer until the restrictions were lifted.
Compute
2Compute can run short, or be spent on the wrong work.
3Chips, electric power, and the sites that hold them can run short.
- AmazonCloudGoogleCloudMicrosoftCloudBroadcomParts
15A few suppliers are also investors and customers.Amazon, Google, and Microsoft supply the compute. Broadcom supplies parts. Amazon and Google also invest and buy.
The business
6Competition for frontier models.It names Google and OpenAI.
7The market for the models may grow slowly, or shrink.
- 25%
11A few customers and sales channels.The top five were about 25% of revenue, Jan–Sep 2026. No customer was over 10%.
12A short operating history, in a young industry.
13Recent growth, it says, is no forecast.
People
4The co-founders, senior management, and key technical staff.
5The culture may not hold as the company grows.
Control
- 50.1%49.9%
16A share structure it calls novel.Buyers of the IPO stock may have no real say, including on a sale of the company.See Control
17The founders' vote is not tied to how much of the company they own.See Control
18Directors must weigh the company purpose against the stock.See Control
09Modeling
Can it pay for all that compute?
Your assumptions, not the filing’s.
$126B
Revenue in year 3
$1.9T
Worth at 15× revenue
43%
Of the ~$657B compute bill covered by 3 years of revenue
Source: Anthropic, PBC — Form S-1, filed 2026-10-26. Nothing else. Sums and ratios are our arithmetic on filed figures. Names and logos are trademarks of their owners. HLCO is not affiliated with Anthropic.